Slack (WORK) earnings Q2 2020

Stewart Butterfield, chief executive officer of Slack Technologies Inc., right, with Allen Shim, chief financial officer of Slack Technologies, Inc., on the floor of the New York Stock Exchange (NYSE) during the company’s initial public offering (IPO) in New York, U.S., on Thursday, June 20, 2019.

Michael Nagle | Bloomberg | Getty Images

Shares of Slack, maker of the popular workplace chat app, plunged as much as 16% on Wednesday after the company issued its first earnings report as a public company, briefly dropping below the reference price from its direct listing.